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H. Rept. 119-123 1 (2025-06-03)

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US. GOVERNMENT
INFORMATION
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                     119TH CONGRESS                                         REPORT
                        1st Session    HOUSE   OF REPRESENTATIVES           119-123







                        HELPING ANGELS LEAD OUR STARTUPS ACT OF 2025



                      JUNE 3, 2025.-Committed to the Committee of the Whole House on the State of
                                        the Union and ordered to be printed



                     Mr.  HILL of Arkansas, from  the Committee  on Financial Services,
                                          submitted  the  following


                                              REPORT

                                            [To accompany H.R. 3352]

                      The  Committee   on Financial Services, to whom   was referred the
                    bill (H.R. 3352) to require the Securities and Exchange Commission
                    to revise rules relating to general solicitation or general advertising
                    to allow  for presentations or other communication   made  by  or on
                    behalf of an issuer at certain events, and  for other purposes, hav-
                    ing considered  the same, reports favorably thereon with  an amend-
                    ment  and  recommends   that the bill as amended do pass.

                                                 CONTENTS
                                                                                     Page
                    Purpose and Sum m ary ............................................................................................  3
                    Background and Need for  Legislation  ....................................................................  3
                    Com m ittee Consideration  ........................................................................................  3
                    R elated H earings  .....................................................................................................  5
                    C om m ittee  V otes  .....................................................................................................  6
                    Com m ittee Oversight Findings  ...............................................................................  8
                    Perform ance Goals  and  Objectives  .........................................................................  8
                    Com m ittee Cost  Estim ate  .......................................................................................  8
                    New Budget Authority and CBO Cost Estimate ...................................................  8
                    Unfunded M andates Statem ent  ..............................................................................  8
                    E arm ark Statem ent  .................................................................................................  8
                    Federal Advisory Committee Act Statement .........................................................  8
                    Applicability  to  the  Legislative  Branch  .................................................................  8
                    Duplication of Federal Program s  ............................................................................  9
                    Section-by-Section  Analysis of the  Legislation  ......................................................  9
                    Changes in Existing Law Made by the Bill, as Reported .................            10
                      The  amendment   is as follows:
                      Strike all after the enacting clause and insert the following:

                    SECTION 1. SHORT TITLE.
                      This Act may be cited as the Helping Angels Lead Our Startups Act of 2025
                    or the HALOS Act of 2025.
                        59-006

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